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STIR: Little Change In Fed Pricing On Labour Market Data, 41bp '24 Cuts Priced

STIR

Very modest dovish moves in FOMC-dated OIS in the wake of the weekly jobless claims and ADP labour market data, with the readings pointing to a slightly softer labour market vs. expectations.

  • Dec ’24 FOMC-dated OIS moves to ~41bp of cuts vs. ~40bp pre-data.
  • Slight moderations in ADP wage growth metrics also factor in.
  • Still, more focus will be afforded to Friday’s NFP report.
  • Our macro team flags a similar trend to last month, when pre-NFP indicators were soft, before a much firmer-than-expected payrolls figure became apparent. 
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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